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China’s first‑tier new home prices flat in July, ending 4‑month rebound
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Zhu Wenqianin BeijingPublished: 5:04pm, 17 Aug 2026Updated: 5:09pm, 17 Aug 2026
New home prices in China’s four first-tier cities were flat on average in July from June, bringing an end to a four-month rebound, as analysts said month-on-month readings had weakened amid seasonal headwinds and an unusually rainy summer, further highlighting the urgency of stabilising the nation’s property market.
Shanghai and Shenzhen saw new home prices edge up 0.2 per cent in July from June, while Guangzhou posted a 0.1 per cent gain, according to data released by the National Bureau of Statistics (NBS) on Monday. By contrast, they fell 0.3 per cent in Beijing.
Among 70 large and medium-sized Chinese cities tracked nationwide, 23 saw month-on-month increases or flat performances in July, two more than in June, the bureau said.
Meanwhile, new home prices in second-tier cities edged down 0.1 per cent month on month in July, reversing June’s flat reading, the NBS said.
“While month‑on‑month new home price readings for second‑tier cities were close to halting their fall, the latest data show marginally deeper declines, pointing to more pressing needs to stabilise their housing markets,” said Yan Yuejin, vice-president of Shanghai-based property consultancy E-house China Research and Development Institute.
On a year-on-year basis, prices in first-tier cities were down an average of 1.1 per cent in July, narrowing the decline by 0.2 percentage points from June.
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